Authentication measures can stop fraud before it happens. However, the bad guys are getting more clever and are finding ways around traditional authentication measures to commit fraud. New trends in biometrics leverage voice technology for more secure authentication measures and enhanced member convenience. Ann Davidson and Charlie Peterson of Allied Solutions will address how to leverage biometric technology to mitigate costly fraud before it affects your members.

LendKey has observed consumer demand for student loan refinancing is up 23% year over year for newly approved applications compared to the same time last year. Credit unions can put their excess liquidity to work while servicing the needs of Millennial and GenZ members and prospects. Tap into the opportunity to build relationships with these new members and promote future cross-sell opportunities with prospects as their primary financing institution. We'll share about how credit unions drive high-volume acquisition in the refinancing market, the current landscape of student loans, and some new methods to enhance your member service. Listen to this episode to learn: • The consumer demand for education loans and ways to drive loan volume • Why CUSO (Credit Union Service Organizations) loan participation programs are a benefit • Hear examples of how your credit union can provide a new service to existing members, onboard additional members, attract more prime borrowers, and foster lifetime relationships.

In this episode we're joined by Larry Pruss and Patti Wubbels from SRM to talk all things cryptocurrency. In this conversation we cover how crypto has evolved since 2020, the latest regulatory trends to be aware of, and how credit unions are getting involved. Plus, hear ideas about the future of consumer adoption and credit unions' role in this emerging space.

Financial wellbeing - It's a topic that's been getting a lot of attention of late as members struggle with the myriad economic challenges of the pandemic—from the job losses of the early days of COVID to the supply chain issues and inflation of today. An important way for credit unions to help members improve their financial wellbeing: Make simple and cost-effective insurance available to help protect two of their most valuable assets, their home and their vehicles.

Learn what the bad actors are up to with the physical attacks and cash out on ATMs/ITMs, involving both the physical damage and financial loss of the cash contents. We will talk about what credit unions can do to help prevent these types of attacks.

Today I am talking with Tarik Camurdes at FIS about the buy now, pay later trend that is making big waves across the financial services industry. The fundamental idea behind it is decades old with the layaway programs and everything else from earlier days. The technologies, distribution, and marketing of it have skyrocketed over the last two years.

In today's episode, we are going to be discussing what it is, how it is being used, and the risks and benefits involved with buying now and paying later.

In This Episode:

[01:13] Buy now, pay later is giving more purchasing power to consumers to pay for the things they want to buy over time.

[01:58] For our credit unions, buy now, pay later is basically an installment loan.

[02:35] For the U.S. it is definitely disrupting. Banks, big, and small financial institutions lose revenue because of the other solutions or propositions in the market that are mainly coming from FinTechs.

[04:27] The number one benefit to consumers is the increase in purchasing power. It is also very convenient.

[05:26] The customer knows if they go through a FinTech they are not going to get a credit hit. It is also free to the consumer.

[07:15] There is a risk of defaulting for consumers because of the manageability.

[08:54] In general it is implemented before FinTechs in some markets that is attached to credit cards.

[10:07] In the U.S. the most successful implementation is the mattress firms.

[11:18] The major card brands are coming up with other solutions, especially ones that they can scale and be beneficial for the whole market.

[13:22] The biggest risk for credit unions is to be late in the game and not to stay competitive, so they need to act.

[13:54] We need our credit unions to act now and then understand what is the right strategy. They need to take a step right now.

[15:10] The perception in the U.S. is that this is for big-ticket items but the average ticket value is actually coming down.

[16:14] They are just giving a better repayment capability to your customers that is going to increase your customer satisfaction as well. It is just making their lives easier and making you stay competitive.

[17:15] We need to put our heads together and generate a strategy.

[17:47] Credit unions may have a better chance of having innovative ideas and bringing the community together and generating a different value proposition that is going to benefit their cardholders and members.

[19:53] The interest is coming from CFPB because this is something new, it is a hot topic, and the volumes are growing.

[20:39] Tarik does not see a big risk for financial institutions and credit unions that is going to come out of this effort.

[21:38] It could have an effect for the banks who are partnering with FinTechs.

[22:37] FIS is trying to solve every customer need in the market. They are building and bringing new solutions to market to keep credit unions more competitive and respond to market dynamics quicker.

Links and Resources:

NAFCU

FIS

Tarik on LinkedIn

Data and analytics tie into everything that Vermont-based NorthCountry Federal Credit Union does and the goals they want to reach for their community. Partnering with AdvantEdge Digital is one of the first steps NorthCountry has taken on the path to analytics maturity. In this episode, we're talking with NorthCountry's Bob Morgan, and AdvantEdge Digital's Aaron Grossman. They'll walk through lessons learned and best practices implemented so far in the credit union's journey to leverage data for a better understanding of members and the insights to deliver the products and services they most want.

Join our discussion about the opportunity to embrace digital transformation. We sat down with Jeff Keltner, SVP of Business Development at Upstart and talked about the current environment and challenges credit unions are facing, the benefits of fintech partnerships, and AI enabled personal and auto lending.

Foundational credit union values can lead to profound impacts on your members and the communities you serve. Life insurance is one of the ways you can enact meaningful change. This September, use Life Insurance Awareness Month as an opportunity to start shining a brighter light on the role it plays in protecting members' financial wellness and building a stronger community.